TechFlow news, on October 14, Garrett Jin posted on social media stating, "The biggest problem in the cryptocurrency space is that most projects lack cash flow. In contrast, TikTok was sold in the U.S. for $14 billion, while many crypto projects with negative cash flows are valued at tens of billions of dollars. This has led to capital flowing out of Bitcoin and Ethereum. Exchanges and stablecoins extract tens of billions of dollars from the industry annually, yet there is no healthy capital reinvestment back into the market. As a result, the market lacks liquidity and upward momentum.
If exchanges acted responsibly, they should conduct rigorous due diligence before listing tokens. They should not sacrifice investor interests or the industry's long-term health for short-term profits. As long as high-FDV altcoins remain highly priced, it will be difficult for sustained bull markets in Bitcoin and Ethereum to emerge."
Previous report, analysts said that the address which publicly swapped over 35,000 BTC for ETH starting in August, and another address that opened over $1.1 billion in short positions on BTC and ETH just before the October 11 crash—earning more than $80 million—both point to Garrett Jin, a former executive at an exchange. On-chain investigator Eye analyzed that Garrett Jin may only be an agent, with the true masterminds possibly being two co-founders of WLFI.
